Gold's price behavior hasn't solidified whether a meaningful top is in place and the US Dollar is about to drive gold lower...OR...whether a final and terminal 5th wave in gold is moving higher. The Elliott wave picture is mixed at the moment.
Keep an eye on this blue trend channel. The black labels suggest gold runs up to new highs in a 5th and final wave. The alternate blue labels suggest gold is about to be drug lower by a strengthening dollar.
$1789 is a key level. A break below $1789 implies a meaningful top is in and US Dollar is going on a bull run.
Keep an eye on this blue trend channel. The black labels suggest gold runs up to new highs in a 5th and final wave. The alternate blue labels suggest gold is about to be drug lower by a strengthening dollar.
$1789 is a key level. A break below $1789 implies a meaningful top is in and US Dollar is going on a bull run.
Note
Gold isn't giving us anything to work with. On the one hand, I suspect USD weakens which drives gold higher. However, the inability for gold to pop now when it is within the fattest part of a potentially bullish trend (a.k.a third wave) does keep the door of suspicion open.Bottom line, let the market break one way or the other to eliminate an option.
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Free assessment + bonus training videos customized to your score:
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.